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| 사진=한국수출입은행 |
[Alpha Biz= Paul Lee] SEOUL, October 27, 2025 — The Export-Import Bank of Korea (KEXIM) has failed to recover approximately ₩2.3 trillion (US$1.65 billion) in loans extended to North Korea-related projects, according to data submitted by Rep. Park Soo-young of the ruling People Power Party.
Between 1999 and 2006, KEXIM lent ₩1.3 trillion in principal under various inter-Korean economic cooperation and energy aid programs. Including accrued interest, total unrecovered funds have now reached ₩2.3 trillion, the report showed.
The bank structured the loans in a revolving repayment format, under which only the interest was serviced.
Interest payments alone amounted to ₩980 billion (US$700 million), according to the data.
The bulk of the unrecovered funds stem from loans used to finance the Korean Peninsula Energy Development Organization (KEDO), which managed the now-defunct light-water reactor project in North Korea.
KEXIM had borrowed from the Ministry of Economy and Finance (MOEF) to fund the project, but after its suspension in May 2006, KEDO withdrew and KEXIM became responsible for repaying the principal and interest to the ministry.
KEXIM also failed to recover funds from other inter-Korean projects supported through domestic public institutions, including:
₩90 billion (US$64 million) to the Korea Tourism Organization (KTO) for the Mount Kumgang tourism project,
₩6 billion (US$4.3 million) to the Korea Mine Rehabilitation and Mineral Resources Corporation (KOMIR) for a graphite mining initiative, and
₩38.3 billion (US$27 million) to Korea Electric Power Corporation (KEPCO) for power supply to the Kaesong Industrial Complex.
In total, these unrecovered domestic loans amount to ₩134.3 billion (US$96 million).
Lawmakers called for a full audit of legacy inter-Korean loan programs to ensure transparency and accountability in future state-backed cross-border initiatives.
알파경제 Paul Lee 특파원(hoondork1977@alphabiz.co.kr)
